Yum on the other hand, beat expectations, and said things were going swimmingly in China, with margins far outpacing expectations, while expansion plans remained intact.

This is just two datapoints, but this is some of that "rebalancing" people have been looking for: Industrials slowing. Consumers booming.

The story isn't perfectly "clean." Nike recently came out with weak profits in China, undermining the idea that the consumer is growing like gangbusters. But the point is that the Chinese economy is different (sometimes significantly so) depending on who you ask.